Oil prices rally amid U.S. crude inventory data

Source: Xinhua| 2018-08-30 03:22:37|Editor: huaxia
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NEW YORK, Aug. 29 (Xinhua) -- Oil prices rebounded on Wednesday as official data showed a larger-than-expected drop in U.S. crude stockpiles.

The U.S. Energy Information Administration (EIA) said in a weekly report on Wednesday that the country's crude stocks fell by 2.6 million barrels last week, exceeding market estimates of a 1.39-million-barrel decrease.

Meanwhile, U.S. gasoline stockpiles fell 1.6 million barrels for the week, while distillate stockpiles shed 800,000 barrels, said the EIA.

The West Texas Intermediate for October delivery rose 98 U.S. cents to settle at 69.51 dollars a barrel on the New York Mercantile Exchange, while Brent crude for October delivery added 1.19 dollars to 77.14 dollars a barrel on the London ICE Futures Exchange. Enditem